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Cable Update (GBPUSD)

  • #673,081
  • Aug 3, 2022 6:15am Aug 3, 2022 6:15am
Main structure is up, minor structure break above the 1.2242 area confirms the long continuation.

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Follow The Markets Structure - Patience and Discipline
  • #673,082
  • Aug 3, 2022 6:44am Aug 3, 2022 6:44am
Quoting pipfarm
Main structure is up, minor structure break above the 1.2242 area confirms the long continuation. {image}
On H1 ok, but every higher TF the structures will be difrent, more bearish, trade safe
People don't plan to lose. They lose because they don't plan.
  • #673,083
  • Aug 3, 2022 6:49am Aug 3, 2022 6:49am
Head and shoulders on the 5min chart short

Short in 1.12183

1.2163 is the problem below this and it's all the way down
Don't trade what you think. Just what you see!!!
  • #673,084
  • Aug 3, 2022 6:51am Aug 3, 2022 6:51am
Quoting fxsport
{quote} You are correct - a weak USA PMI would cause the DXY to fall giving us better heights to short.
UK PMI only seemed to affect the price for just over 1/2 hour GBP still OK'ish If US PMI is poor then would like to see GBP Will add to my longs to scalp
  • #673,085
  • Aug 3, 2022 6:56am Aug 3, 2022 6:56am
Audjpy long
tp 93.248
My telegram: https://t.me/avidforex
  • #673,086
  • Aug 3, 2022 6:56am Aug 3, 2022 6:56am
Quoting ScalaFX
{quote} On H1 ok, but every higher TF the structures will be difrent, more bearish, trade safe
Hourly main structure relates to daily minor swing which is currently corrective up swing.

If the H1 main structure breaks below the last main higher low then we will turn bearish again, and this would related to daily minor swing continuation which would also be inline with the daily main structure going down.
Follow The Markets Structure - Patience and Discipline
  • #673,087
  • Aug 3, 2022 6:57am Aug 3, 2022 6:57am
Quoting Chris_35
{quote} UK PMI only seemed to affect the price for just over 1/2 hour GBP still OK'ish If US PMI is poor then would like to see GBP Will add to my longs to scalp
is this good for usd weakness
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  • #673,088
  • Aug 3, 2022 7:06am Aug 3, 2022 7:06am
Quoting BeeTogether
{quote} The rate has many factors, spending is out of control house prices are crazy high cost of living plus life outside the EU where we are paying a lot more for everything

This is my point the rate hike is there to reduce the demand of things so the ecomony slows down, this will help inflation number come down. the numbers released this morning are still above 50..which means things are not that bad..ie could have been worse
  • #673,089
  • Aug 3, 2022 7:09am Aug 3, 2022 7:09am
Quoting ScalaFX
{quote} Congratulations
Thank you! I got it!
  • #673,090
  • Aug 3, 2022 7:15am Aug 3, 2022 7:15am
Quoting nAVIN2007
{quote} This is my point the rate hike is there to reduce the demand of things so the ecomony slows down, this will help inflation number come down. the numbers released this morning are still above 50..which means things are not that bad..ie could have been worse
totally agree, things aren’t as bad, my thinking is 0.5 tomorrow will be a one off. It’s been priced in a bit too although a huge drop has happened since that news broke on Monday
Insane in the Brain..
  • #673,091
  • Aug 3, 2022 7:15am Aug 3, 2022 7:15am
Bearish sentiment Still Strong, even on m5 Higher Low created, but never break UP, and HL seems close to previous HL possibilility Change trend on m5 (break down) strong UP needed to Continue UP, while a little down can cause A DOWN
But who Knows, it is people Playing all over the world
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  • #673,092
  • Aug 3, 2022 7:21am Aug 3, 2022 7:21am
Probably this channel M5 will be an diamond.

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  • #673,093
  • Aug 3, 2022 7:31am Aug 3, 2022 7:31am
Good point to enter. Hopefully, GU will cross 1.22 later today.
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  • #673,094
  • Aug 3, 2022 7:32am Aug 3, 2022 7:32am
Quoting donfriday
scalping till 10th August is better IMHO i see buyers coming at 1.2125 1.2100 then up to 1.2250 - 1.23 before another drop my view Trade save

i see early NY bearish and bullish after London closing.

just my view
MY OPINION NOT FINANCIAL ADVISE
  • #673,095
  • Aug 3, 2022 7:34am Aug 3, 2022 7:34am
Quoting BeeTogether
{quote} totally agree, things aren’t as bad, my thinking is 0.5 tomorrow will be a one off. It’s been priced in a bit too although a huge drop has happened since that news broke on Monday
dollar hikes are more aggressive..they want dollar to fall more ..having dollar high is also hurting the economy because nobody can buy from them...
I feel GU should go up..but i have bias at this point

looking for month end close above 1.26..to be back in the game
  • #673,096
  • Aug 3, 2022 7:37am Aug 3, 2022 7:37am
come on !!!
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yes yes yes
  • #673,097
  • Aug 3, 2022 7:37am Aug 3, 2022 7:37am
The fact that price still never break above Upper pivot of 1.22183, and also rejected from Upper key level of 1.22012 twice, further add confidence to my ongoing Short trade right now, despite it is not profiting yet, still borderline in a loss, but I believe things will change for the better.

The indecisiveness could be due to waiting for the news that will come out after 1.5 hours (ISM Service PMI for USD).
The news could be the catalyst to decide a direction, could be either way, we never know, forex is not a certainty, we can only try our best to predict the direction based on our analysis, and hope for the best.

With that said, hope Lord Bogdanoff bless us with a big fat Dump It.
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  • #673,098
  • Aug 3, 2022 7:38am Aug 3, 2022 7:38am
the smart trade is not to trade GBP before the BOE meeting, unless you like to gamble

Quote
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But that's the way I like it baby
I don't wanna live for ever
And don't forget the joker!

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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #673,099
  • Aug 3, 2022 7:42am Aug 3, 2022 7:42am
Quoting palpite
Probably this channel M5 will be an diamond. {image}
Support of the diamond will be around 1.2130

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Together we can be strongest
Vantage Return This Month: -97.0%
  • #673,100
  • Aug 3, 2022 7:45am Aug 3, 2022 7:45am
It's supposed to have dropped, but has just consolidated.
US session coming up. It may want to tap the high again - or not.
I'm tired. TPing what I got.
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